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5 Things About Charitable Donations - Kiplinger's

Kiplinger's Editorial Director, Kevin McCormally, gives 5 essential tips for getting the most from your charitable donations at tax time.

Kiplinger's Editorial Director, Kevin McCormally, gives 5 essential tips for getting the most from your charitable donations at tax time.
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Video Transcript: 5 Things About Charitable Donations - Kiplingers:

Kiplinger's Editorial Director, Kevin McCormally, gives 5 essential tips for getting the most from your charitable donations at tax time.

1) Save your receipts and cancelled checks. In order to deduct any contribution for over $250 you need a receipt and an acknowledgement from the charity. Even donations of small items require proof, too.

2) Donating a car? There is no fair market value for auto donations. Car deductions are usually limited to what the charity sells it for.

3) Out-of-Pocket contributions, like what you paid for ingredients you used to make breads for a soup kitchen, or the cost of stamps for a fund-raising mailing. Just keep careful track of what you spend and ask the charity for a receipt or an acknowledgement of your good deed.

4) Thinking of giving a big contribution? Consider giving an appreciated security, instead of cash. If you've owned the appreciated the stock for more than a year, you get to deduct the full market value on the date of the gift and you never have to pay tax on the appreciation that built up while you owned it.

5) Remember you only can deduct donations you made to a charitable organization. What you give directly to a homeless person, for example, doesn't count toward a deductible.

Kiplinger's Editorial Director, Kevin McCormally, gives 5 essential tips for getting the most from your charitable donations at tax time. Do More... For Less with the Money-Saving Tips & Videos on SpendLessTV.com - Get More for Your Money, and Your Life!